A trip down short term memory lane:
Before the effects of US subprime spread like a tsunami to the US and world full economy, in 2008, staple world foods + oil prices went bizerk pushing input prices way up. Then came the tsunami of subprime led effects. Analyse this!
And philosophise on this: Do modern economic and other systemics call for a back to basics philosophy not only in the economic dimension of people's lifestyles but ways of life in general, at least in the US and other economically mature economies/countries? To make them more sustainable as well as to make human life on this planet more sustainable (see climate change - global warming)?
Can such changes in lifestyles be legislated? I do not think so. IMO they have to make via opinion and fashion - way of life leadership! Who are those leaders? Ponder on this.